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Flashcards in Theme 1.3 Deck (23)
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1

Sustainability

Making something using materials that will still be around for future generations, perhaps because you are planting a tree for every one you fell

2

Capacity utilization

This measures actual usage of your facilities as a percentage of the maximum possible

3

Corporate brand

A brand that represents the whole company as well as its products

4

Crowdfunding

Obtaining external finance from many individual, small investments, usually through a web based appeal

5

Loss leader

Pricing a product below cost in order to attract further, profitable business

6

Price elasticity

A measurement of the extent to which a products demand changes when its price is changed

7

Price sensitive

When customer demand for a product reacts sharply to a price change

8

Pricing tactics

Short term pricing responses to opportunities or threats

9

Barrier to entry

Factors that make it hard for new firms to break into an existing market

10

E commerce

Literally, electronic commerce-carried out online

11

Impulse purchasing

Buying an unplanned way

12

Long tail

The huge number of tiny businesses appealing to minority tastes that can find a profitable existence online because they target the whole planet, not just the local planet

13

Opportunity cost

The cost of missing out on the next best alternative when making a decision

14

Wholesaler

The middleman between the producer and retailers, who breaks bulk down from container lorry loads into manageable parcels, such as a case of 12

15

Cash cow

A product that has a high share of a low growth market

16

Dog

A product that has a low share of a low growth market

17

Extension strategy

Marketing activities used to prevent sales from declining

18

Portfolio analysis

An analysis of the market position of the firm's existing products; it is used as part of the marketing planning process

19

Problem child

A product that has a small share of a fast growing market

20

Rising star

A product that has a high share of a fast growing market

21

Homogeneous goods

These have no points of differentiation and therefore each one is the same as every other

22

Product differentiation

The extent to which consumers perceive your brand as being different from others

23

Prototype

A test model of a planned design, used to see if it functions properly, with durability, reliability and safety